WASHINGTON – President Trump declared Friday that "trade wars" with other countries would be "good, and easy to win," a day after his pledge to put tariffs on steel and aluminum drew threats of retaliation from other countries and tanked the American stock market.

"When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win," Trump tweeted early in the morning. "Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!"

When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!

As economists warned that a trade war would lead to higher prices for American consumers, Trump ventured into a discussion about trade taxes, claiming in another tweet that some countries tax American products at up to 50%, while the United States charges nothing.

CLOSE

U.S. President Donald Trump said on Thursday the United States would impose tariffs of 25 percent on steel imports and 10 percent on imported aluminum, starting next week. Rough Cut (no reporter narration).
Video provided by Reuters
Newslook

"Not fair or smart," Trump tweeted. "We will soon be starting RECIPROCAL TAXES so that we will charge the same thing as they charge us. $800 Billion Trade Deficit-have no choice!"

When a country Taxes our products coming in at, say, 50%, and we Tax the same product coming into our country at ZERO, not fair or smart. We will soon be starting RECIPROCAL TAXES so that we will charge the same thing as they charge us. $800 Billion Trade Deficit-have no choice!

China, Canada and the European Union have criticized Trump’s proposed tariffs and suggested retaliation against U.S. products that could range from Kentucky bourbon to Florida orange juice, raising prices for those and other products.

Trump's tweets came a day after he announced he would place tariffs of 25% on steel imports and 10% on aluminum imports.

Trump did not disclose details, such as which countries might be affected or whether there would be any exemptions, but he said paperwork would be signed next week.

The Dow Jones industrial average fell more than 400 points in the wake of Trump's comments.

Chinese officials were in Washington on Thursday as Trump made his tariff comments. The White House said various administration officials met with the Chinese about the announcement. The group included Treasury Secretary Steve Mnuchin and economic adviser Gary Cohn, who tried to persuade Trump to hold off on the tariffs.

In a follow-up tweet, Trump said, "We must protect our country and our workers. Our steel industry is in bad shape. IF YOU DON’T HAVE STEEL, YOU DON’T HAVE A COUNTRY!"

We must protect our country and our workers. Our steel industry is in bad shape. IF YOU DON’T HAVE STEEL, YOU DON’T HAVE A COUNTRY!

Financial analysts questioned the wisdom of declaring a trade war that could lead to price hikes for any number of goods and services. They said Trump's rhetoric alienates allies needed for economic growth, as well as national security.

"Trade Wars = Good ... Something I never thought I’d hear a US president say," tweeted Ian Bremmer, president of the Eurasia Group, a political risk consulting firm.

"The foundations of our trade policy system are under threat," said Mark Rutte, prime minister of The Netherlands. "We must protect, but not fall into the trap of protectionism. A possible short-term gain for a few means a long-term loss for the many."

Skeptics, including some Republican lawmakers, said trading partners and rivals would slap counter-tariffs on U.S. products and increase costs worldwide.

"Trade wars are never won," Sen. Ben Sasse, R-Neb., said Friday. "Trade wars are lost by both sides. Kooky 18th-century protectionism will jack up prices on American families — and will prompt retaliation from other countries. Make no mistake: If the president goes through with this, it will kill American jobs — that's what every trade war ultimately does. So much losing."

The American International Automobile Dealers Association said car sales are flat, and "the burden of these tariffs, as always, will be passed on to the American consumer."

Trump based much of his 2016 presidential campaign on claims that trade policies of China and other countries have undercut the United States, particularly its manufacturing sector. That argument won support in industrial areas of Pennsylvania and Michigan, two states that helped Trump win the election over Democrat Hillary Clinton.

The president has talked about reworking trade deals, including agreements with South Korea, Canada and Mexico.

Citing those campaign pledges, White House spokeswoman Sarah Sanders said Trump is sticking up for the American worker, and no one should be surprised by the tariff announcement.

"This is something the president has wanted to do for quite some time," Sanders said.